Tenant bargaining power grows

New figures from the National Landlords Association (NLA) show that tenants are securing a larger proportion of private rented homes in the UK at below, rather than above, advertised rents. The data shows that 16 per cent of private rented homes are let to tenants at below advertised rents, with eight per cent of homes being let to tenants at above the asking price. Three quarters (76 per cent) of private rented homes are let to tenants at the advertised rent. The difference means that tenants in the UK are benefitting from a net proportion of 8 per cent – or an estimated 320,000 – homes let at below advertised rents. The NLA’s analysis found that more than a quarter of new tenancies in central London (27 per cent) are agreed at lower than advertised rents, with the North East and outer London close behind (both 22 per cent). However, just nine per cent of properties in the East Midlands are let to tenants below the asking price. Yorkshire and the Humber and the South West are close behind on 11 per cent. At the other end of the scale, more tenancies in outer London are agreed above the advertised…

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